As Netflix’s Squid Game wraps its third and final season, creator Hwang Dong-hyuk opens up about the show’s masked VIPs — and their eerie resemblance to real-life tech moguls like Elon Musk.
As Squid Game concludes its tense and critically acclaimed run on Netflix after three seasons, the social commentary at its core feels more relevant than ever. Series creator Hwang Dong-hyuk recently addressed fan speculation about the sinister masked VIPs who observe — and eventually participate in — the brutal games, acknowledging their real-world parallels, particularly to tech titan Elon Musk. Though fictional, Hwang admits the VIPs’ evolution throughout the series unintentionally mirrors the rise of ultra-wealthy, power-wielding figures in today’s world.
After captivating global audiences with its sharp critique of class warfare and capitalism, Netflix’s Squid Game has reached its conclusion with Season 3. While the show’s dystopian setting is fictitious, its reflection of real-world inequalities and elite influence has never been more hauntingly on point — especially in how it portrays the masked VIPs who run the games.
In an interview with Time following the final season’s release on Friday, creator Hwang Dong-hyuk acknowledged an uncanny resemblance between these characters and Elon Musk, the high-profile tech mogul and head of companies like Tesla and SpaceX. Though not modeled on Musk or any one individual, Hwang admitted, “Elon Musk is everywhere these days, right? Everybody talks about him. Not only is he the head of a huge tech company that controls the world almost, but he’s also this showman.”
Reflecting on the characters after completing the scripts for Season 3, Hwang noted, “Of course I thought, ‘Oh, some of the VIPs do kind of resemble Elon Musk.’”
The VIPs — shown throughout the series as anonymous, ultra-rich men observing the deadly competitions for sport — take on a far more pivotal and sinister role in the final season, as they shed their disguises and participate in the games themselves. “They take their masks off and go into the game and kill others with their own hands,” Hwang explained, signaling a disturbing metaphor for direct elite dominance.
Expanding on the symbolism, Hwang noted a societal shift where the previously shadowy elite are now unapologetically public. “In the past, those that really controlled the system and maintained power, they were hidden behind the curtain, almost like this big unseen conspiracy. However, it’s no longer the case, especially in America,” he said.
He linked this change to today’s tech oligarchy, where billionaires are not just business figures, but also public influencers. “We talk a lot about oligarchy these days, but these so-called big tech owners, they step up, telling everyone who they’re backing with their money.”
According to Hwang, Squid Game’s final season intentionally reflects this reality. “The people who really control the power and the system, they no longer hide behind a curtain. They willingly take their masks off, almost as if to declare, ‘We’re the ones running everything. We’re the ones in control.’”
The third season not only concludes the harrowing journey of its characters but also escalates its critique of unregulated wealth and global power structures — making the timing of its release, and its parallels to real-world figures like Elon Musk, all the more potent.
As Squid Game exits the streaming stage, it leaves behind more than just a chilling thriller — it offers a stark mirror to modern-day power, privilege, and spectacle. In creator Hwang Dong-hyuk’s own words, the masks are off — both in the series and in society — and the question remains: Who really controls the game?